1. India’s tax to GDP ratio is not favourable. 2. Out of 13.14 lakh registered companies, only 5.97 lakh firms have filed returns for 2016-17. 3. Proportion of direct tax to indirect tax is not optimal. 4. Individuals numbering 1.95 crore showed an income between Rs. 2.5 lakh to Rs. 5 lakh. 5. Out of 76 lakh individual assessees declaring income more than Rs. 5 lakh, 56 lakh are salaried. 6. Only 1.72 lakh people showed income of more than Rs. 50 lakh a year. 7. Between November 8 to December 30, deposits ranging from Rs. 2 lakh and Rs. 80 lakh were made in 1.09 crore accounts. 8. Net tax revenue of 2013-14 was Rs. 11.38 lakh crore. 9. Out of 76 lakh individual assessees declaring income more than Rs 5 lakh, 56 lakh are salaried. 10. 1.95 crore individuals showed income between Rs. 2.5 lakh to Rs. 5 lakh. 11. Rate of growth of advance tax in Personal I-T is 34.8% in the last three quarters of this financial year. 12. Holding period for long term capital gain lowered to two years 13. Proposal to have a carry-forward of MAT for 15 years. 14. Capital gains tax to be exempted for persons holding land from which land was pooled for creation of the state capital of Andhra Pradesh. 15. Under the corporate tax, in order to make MSME companies more viable, there is a proposal to reduce tax for small companies with a turnover of up to Rs 50 crore to 25%. About 67 lakh companies fall in this category. Ninety-six % of companies to get this benefit. 16. The government proposes to reduce basic customs duty for LNG to 2.5% from 5%. 17. The Income Tax Act to be amended to ensure that no transaction above Rs 3 lakh is permitted in cash. 18. The limit of cash donation by charitable trusts is reduced to Rs 2,000 from Rs 10,000. 19. Net revenue loss in direct tax could be Rs. 20,000 crore.